U.S. Government has long been critical of offshore tax havens such as Belize, and British Virgin Islands, however South Dakota is now attracting vast wealth. Trusts have quadrupled to $360 billion in the state.
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The U.S.-based offshoring of wealth management services, rooted largely in South Dakota, has drawn an intense spotlight from national media over the last 24 hours for ties to rich, international clientele accused of human rights abuses. South Dakota has been a leader in the industry since the 1980s.